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4 Different Types Of Insolvency Businesses May Face

By Harry D. Lewis |

When a business cannot pay back its debt, it may become insolvent. Being insolvent does not mean the end of the responsibilities of the company. Regarding repayment, owners are not at the top of the list. Quite the opposite. The duty of using what assets or cash remain in a company will first be… Read More »

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Insolvency

How Does New York Law Describe The Insolvency Of A Business?

By Harry D. Lewis |

Whether monthly, quarterly or annually, bills for goods and services come with a due date that payment must be made. It is essential to pay on time because late payments may come with additional fees and penalties. These extra costs can add up very fast and make what would have once been an affordable… Read More »

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Bank15

5 Tips To Establish Credit Small Businesses

By Harry D. Lewis |

Starting a new business can be an exciting endeavor. Making a business successful takes work and effort, but it is possible. There are many aspects of a flourishing business, including its standing financially. A good credit score can help a business thrive and grow. When your business’s credit is in good standing, you will… Read More »

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BankruptcyFraud

Subchapter V Bankruptcy Basics

By Harry D. Lewis |

Before Subchapter V of the bankruptcy code was enacted into law, business debtors that needed bankruptcy protection generally had to file under Chapter 7 or Chapter 11. Chapter 7 is a liquidation procedure where business assets are sold to satisfy creditor debt. Chapter 11 is a reorganization attempt where businesses restructure debt in order… Read More »

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DebtColl3

Bankruptcy May Not Stop Dischargeable Debt From Being Paid

By Harry D. Lewis |

As a creditor, you take a risk when you lend money. A business you may have an account with that is in trouble financially and struggling to pay down debt owed to you is a problem. If they file for bankruptcy and you are one of the categories of debt that is considered dischargeable,… Read More »

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Litigation

Trust Litigation In New York And Trustee Removal

By Harry D. Lewis |

When a trust is created, the assets held within are handled by a named trustee. The trustee is expected to manage the trust to benefit the beneficiaries. But, if a beneficiary believes that the trust has violated their fiduciary duty, then they may decide to take legal action and have the trustee removed. Often… Read More »

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Bank10

How Does Secured Credit Work?

By Harry D. Lewis |

When you take out a loan for money and you put up collateral as a part of that process to be approved, the lender you are working with is considered a secured creditor. The collateral is what secures the line of credit or the loan that you have been approved for. Collateral would be… Read More »

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EstPlan19

Business Inheritance And Will Contests

By Harry D. Lewis |

When a person dedicates a good portion of their life to building a successful business, this is something that should be given careful consideration during estate planning. A business owner may have family involved who work at the company and help run everything. Even if family members do not work at a business, an… Read More »

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Bank7

Can The Government Take Your Property And Not Pay You For It?

By Harry D. Lewis |

After COVID-19 first came to the scene the government engaged in activities and actions that were unprecedented for what they claimed were necessary public health measures. From business and school closures to keeping people inside of their homes and away from others, ultimately the long-term implications of such steps resulted in economic harm for… Read More »

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Bank17

Who Gets Paid First During Liquidation Proceedings?

By Harry D. Lewis |

When a company has too much debt with no ability to pay its creditors, and it is determined that an end to the business is necessary, it will be considered insolvent. As a result, the company may liquidate all of its assets and use the proceeds of those funds to pay different creditors and… Read More »

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